RE/MAX (NYSE:RMAX) Rating Lowered to Equal Weight at Morgan Stanley

Morgan Stanley downgraded shares of RE/MAX (NYSE:RMAX) from an overweight rating to an equal weight rating in a report published on Wednesday, Price Targets.com reports. They currently have $33.50 price objective on the financial services provider’s stock, down from their previous price objective of $40.00.

A number of other research analysts also recently commented on RMAX. Berenberg Bank began coverage on shares of RE/MAX in a research report on Wednesday, July 21st. They set a buy rating and a $41.00 price objective on the stock. Zacks Investment Research raised shares of RE/MAX from a hold rating to a strong-buy rating and set a $40.00 price objective on the stock in a research report on Thursday, August 12th. Three analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, RE/MAX presently has a consensus rating of Buy and an average price target of $38.90.

RMAX stock opened at $31.45 on Wednesday. RE/MAX has a 52-week low of $29.40 and a 52-week high of $43.85. The company’s 50 day simple moving average is $33.39 and its 200-day simple moving average is $35.28. The company has a debt-to-equity ratio of 1.82, a current ratio of 2.16 and a quick ratio of 2.16. The firm has a market capitalization of $594.12 million, a P/E ratio of 53.31 and a beta of 1.48.

RE/MAX (NYSE:RMAX) last released its quarterly earnings results on Wednesday, August 4th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.33. RE/MAX had a net margin of 3.80% and a return on equity of 40.36%. The business had revenue of $77.25 million for the quarter, compared to analyst estimates of $76.23 million. During the same quarter in the previous year, the business earned $0.38 earnings per share. The firm’s revenue was up 48.0% compared to the same quarter last year. Sell-side analysts predict that RE/MAX will post 1.47 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 31st. Shareholders of record on Tuesday, August 17th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.93%. The ex-dividend date was Monday, August 16th. RE/MAX’s dividend payout ratio is 62.59%.

Hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. bought a new stake in RE/MAX in the second quarter worth approximately $34,000. Quantbot Technologies LP boosted its holdings in shares of RE/MAX by 180.7% during the 1st quarter. Quantbot Technologies LP now owns 1,684 shares of the financial services provider’s stock worth $66,000 after buying an additional 1,084 shares during the period. Federated Hermes Inc. boosted its holdings in shares of RE/MAX by 15.2% during the 2nd quarter. Federated Hermes Inc. now owns 4,169 shares of the financial services provider’s stock worth $139,000 after buying an additional 549 shares during the period. Metropolitan Life Insurance Co NY boosted its holdings in shares of RE/MAX by 94,733.3% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 5,690 shares of the financial services provider’s stock worth $190,000 after buying an additional 5,684 shares during the period. Finally, QS Investors LLC bought a new stake in shares of RE/MAX during the 1st quarter worth $203,000. 89.61% of the stock is owned by institutional investors.

About RE/MAX

RE/MAX Holdings, Inc engages in the provision of real estate franchise services through its subsidiaries. It operates through the following segments: Real Estate, Mortgage, Marketing Funds, and Other. The Real Estate segment inlcude operations of the company’s owned and independent global franchising operations under the RE/MAX brand name and technology and data subscription revenue.

Further Reading: Earnings Reports

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